Strategising Education Loan Repayment: Big Savings with Smart Repayment

    Updated on: 05 Sep 2023 8 min read

    Abroad education loans have brought a substantial change in the way students from humble financial backgrounds think of studying abroad. Now there are several lenders from the Public to the Private sector who readily give both secured and unsecured loans to study abroad. However, abroad education loans are pretty pricey and if not managed properly, they can take a toll on your finances. Students going abroad for education plan their loans in a way that they will be able to pay after getting the job. The salaries are certainly high when you have a job at a university abroad but the loan amounts are high too. So, one needs to strategically plan their education loan repayment so that the financial burden post-completion of the course can be eased.

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    Strategising the Education Loan Repayment

    Strategising always helps in dispersing the effect of consequences. Whenever a student takes a loan, the repayment process will certainly start post completion of the studies. It is a monetary burden for sure but its effects can be marginalised by planning ahead of the time when the repayment starts. There are certain steps that a student should follow in order to make the loan repayment process smooth, and avoid any unwarranted financial shock. 

    • The first and foremost thing is to look for a loan that is available at the least cost of interest. 
    • After selecting the loan, always calculate the EMIs, and then juxtapose it with your future income. There are many online tools available for calculating EMI and future incomes. 
    • Calculate the EMI while considering the time it will take to complete the entire loan amount repayment. The smaller the EMIs, the higher will be the cost of the loan. 
    • Explore your finances and check if you can do the prepayment, as it will help you a lot in saving the interest amount which you will pay over the years. 
    • Also, confirm the processing charge in case of prepayment.
    • Once you are certain about the EMI and mode of repayment, things become smooth, and it somewhat gives a clear picture of the loan repayment process. 

    Check Your Education Loan Eligibility Click Here

    Education loan repayment is a long process and it takes around seven to twelve years to complete depending on the loan amount, and EMIs. It is very important to consider all the factors before making the final call on the loan. Once a loan is sanctioned, it becomes very difficult to make amends to it, and thus it is advised you take the help of fintech companies working in this space that will help you in chalking the best strategy for loan repayment. 



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Written by Gurbani Kaur Suri

A keen lover of reading and loves to explore new things. A strong believer of spirituality and goodness.


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Reviewed by Aman Jain

Aman Jain graduated from IIT Kanpur, and currently functions as the CMO at GyanDhan. He is deeply passionate about creating equality in higher education and has directly interacted with 2 Lakh students in his 8-year-long journey.


Specializes in:
Education loan , Study Abroad Admissions


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GyanDhan is India's first education financing marketplace.



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